By Elias Schisgall

Hexcel added a new independent director to its board in a move that avoids a potential proxy fight for the aerospace materials company with activist investor Vision One Fund.

As part of an agreement between the two sides, Vision One will withdraw their nominees to the board that were to be voted on at the company's annual shareholder meeting. Vision One will also support Hexcel's board nominees, and agree to certain standstill restrictions and mutual non-disparagement provisions, according to a filing with the Securities and Exchange Commission on Wednesday.

The new director, former Kaman Chief Executive Officer Neal Keating, was appointed effective Tuesday. Keating will also be nominated for election to the board at the shareholder meeting later this year.

Hexcel also agreed not to increase the size of the board to more than 10 directors until the 2026 meeting and nine directors following the meeting, unless Vision One and its affiliated entities agree.

Hexcel shares were holding roughly flat in midday Wednesday trading. The stock hit a 52-week high of $95.22 on Monday, and is up 24% this year.

Vision One and its affiliates together hold about 640,329 shares of Hexcel, according to the filing.

Keating served as CEO of Kaman, an aerospace company, from 2008 until August 2020. He was executive chairman of Kaman until April 2021. He has also been operating chief of Hughes Supply and CEO of GKN Aerospace.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

March 04, 2026 12:26 ET (17:26 GMT)

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